About to take out a variable home loan and comparing these two options. We're after a loan with a redraw facility and a low rate.
Though UBank has a better rate, they appear to have horrible customer service (based on online reviews).
ME Bank on the other hand have an offset facility but even with our pay going directly into this, the annual savings likely fall short of UBank's better interest rate.
Any advice on which one to go for?
online reviews are generally negative.
at the end of the day you have to ask yourself "how much customer service will I need?" and "which rate will save me more money?".
all you'll do is apply for the loan and then get it. and then you just pay it. and then what sort of customer service do you need?
I'm with bankwest. I applied for a home 5 years ago. that was a trial as they kept stuffing things up but it was approved. 2 years ago I applied for an extra $20,000 and that was pretty much approved immediately after providing updated payslips. 6 months ago, whilst depositing a check, they asked if I wanted to review my loan (as they normally do) and I said yes. 10 minutes later I left with .5% decrease in my home loan.
very little customer service.
my advice - Ubank